Gasoline

Gasoline Rises to $2.24 Per Gallon

May 3, 2016
• by Staff

Photo via Wikimedia.

The average price of a gallon of unleaded increased 7.8 cents to $2.24 for the week ending May 2, according to federal records.

Gasoline is now 42.4 cents lower than it was a year ago, and the price increased most in the Lower Atlantic region, increasing 11.2 cents to $2.163. The slightest increases came on the West Coast (3.9 cents to $2.635) and West Coast without California (4.8 cents to $2.334), according to the U.S. Energy Information Administration.

Among states, California ($2.802) and Hawaii ($2.58) remain above $2.50 per gallon. Most of the remainder sit above the $2 level with the exception of Kansas ($1.995), Missouri ($1.986), Texas ($1.983), and Oklahoma ($1.961), according to the AAA's Daily Fuel Gauge Report.

Meanwhile, the average price of a gallon of diesel increased 6.8 cents to $2.266 per gallon. Diesel now costs 58.8 cents less than a year ago.

The average fuel economy of new vehicles sold in the U.S. in December fell to 25 mpg — down 0.2 mpg from a revised November value, according to Brandon Schoettle and Michael Sivak, researchers from the University of Michigan's Transportation Research Institute (UMTRI).

The national average price of unleaded gasoline jumped 5 cents to $2.49 per gallon in the first week of 2018 and has reached a level not seen since 2014 during the week that starts the new year, according to AAA.

China is setting a deadline for automakers to end the sale of fossil-fuel powered vehicles as the country looks to reduce oil consumption and pollution and push for the development of electric vehicles. Regulators are working on a timetable for the ban.

The average national price of gasoline remained at $2.29 per gallon for the week ending March 27 amid discussion by the Organization of the Petroleum Exporting Countries (OPEC) to extend a production cut by another six months.